Managing home building costs is an important aspect of the do-it-yourself home building process, especially in light of affordable housing concerns in today’s market. The ability to save money and build instant equity is one of the primary concerns of most owner builders. This is very doable – first by eliminating the general contractor fees, and also by using careful money management practices.
Good practices include establishing a reasonable home building budget, careful choices of materials, and diligent record keeping. Often the first place to start is to consider new home building prices in the area you are planning to build your home. This can be done by looking at new homes that are for sale and also by talking to home builders. It is good to establish a range of projections that are relevant for the style and amenities you are planning.
The next step will be to get estimates and proposals for your home building costs. Estimates usually are preliminary guidelines to establish a budget while proposals provide a fixed cost to solidify your plans. Estimates can help you decide on priorities during the planning phase, but detailed proposals are absolutely necessary, before starting to build, in order to avoid any surprises.